Superconducting Electric Motor Market Outlook
The global superconducting electric motor market size was valued at USD 222.37 Million in 2021 and is projected to reach USD 371.73 Million by 2030, expanding at a CAGR of 5.88% during the forecast period. The superconducting electric motor is a type of electric machine that is operated in a synchronous mode of operation.
The coiled wire in a superconductor motor carries large currents, which is capable of generating a powerful magnetic field during operations. Superconducting electric motors are made from different superconducting materials such as ceramic, yttrium, barium, copper, and oxygen. The use of superconducting material helps in building compact machines, increasing its efficiency, reducing noise, and conserving energy in the operation of the motor.
Superconducting electric motors utilize superconductivity technologies and superconducting wires, which offer benefits such as efficiency. High-range super conduction in the electric machines allows the flow of electric current without loss of energy, as there is a loss of current in the conventional motor.
Superconducting Electric Motor Market Macro Economic Factors
Hybrid-electric/Electric Vehicle Sectors
The sale of electric cars or hybrid electric vehicles is increasing, as consumer preference is shifting towards the use of electric vehicles. The use of superconducting electric motor is increasing, as it offers a higher magnetic flux than a conventional motor. The superconducting electric motor is equipped with superconducting wire in the hybrid electric vehicle, which reduces fuel consumption.
The demand for reduced emissions and fuel-saving vehicles is rising, owing to stringent regulations adopted by the government for carbon neutrality. This factor is expected to increase the demand for superconducting electric motors during the forecast period.
Technological Innovations
Key market players are focusing on launching high-temperature superconducting motors combined with wire, which reduces fuel consumption. Manufacturers are using superconductor materials for electrical machines.
The Russian Foundation for Advanced Research Projects uses high-temperature superconductor material, which helps in the reduction of electrical resistance and delivers power efficiently. Thus, rising investment on superconducting technologies in developmental projects and the launch of superconductor motor prototypes in the market, is contributing towards the growth of the market.
Aviation Industry
The aviation sector facilitates quick and easy transportation to cities and countries and enables efficiency and safety in flight travel. The use of sustainable aviation fuels, superconducting technology, and electrification of aircraft has transformed the aviation sector.
An aircraft consumes a large amount of fuel, which results in environmental pollution. The use of superconducting technologies enhances the electric propulsion system in aircraft. Increasing investment by the aviation industry in superconducting technologies is boosting the superconducting electric motor market.
Superconducting Electric Motor Market Dynamics
Driver
Growing application of superconducting material in electrical machines
Electrical machines run on electricity, resulting in the loss of energy. They consume a significant amount of power. The adoption of superconducting technology achieves a reduction in power consumption and energy efficiency. Electrical machines equipped with superconducting electric motors offer more than ~98% more efficiency than conventional electric machines.
Many companies use high-temperature superconducting stators in their superconducting electric motor. The usage of a high-superconducting stator or high-temperature superconducting wire results in the efficient operation of a superconducting electric motor. Thus, the incorporation of superconducting technology in electric machines is expected to boost the demand for superconducting electric motors across the globe.
Growing demand for electric vehicles
The growing number of vehicles across the globe is contributing to high CO2 emissions and depletion of fossil fuels, as vehicles consume large quantities of diesel fuels. Thus, the automobile industry largely uses a superconducting electric motor, as it increases efficiency and reduces CO2 emissions. In recent years, the globe has witnessed rapid electrification of cars.
The automobile industry is shifting towards the use of superconducting wire in hybrid-electric vehicles. Increasing electrification of vehicles and the growing demand for electric vehicles are expected to drive the market in the future years. Furthermore, rising income levels and living standards are expected to increase the demand for vehicles and drive the superconducting electric motor market.
Growing demand for superconducting electric motor in aviation sector
Rising air traffic, along with increasing fossil fuel consumption and high CO2 emissions, is one of the major environmental issues faced in the aviation industry. The propulsion of aircraft requires a significant amount of fuel consumption, resulting in high CO2 emissions.
The aircraft propulsion system uses a superconducting motor prototype, equipped with a high-temperature superconducting stator, which helps in the reduction of fuel consumption, noise, size, density, and CO2 emissions. Superconducting technologies boost the efficacy of hybrid electric propulsion systems in aircraft. Thus, the increasing usage of high-temperature superconducting motors for aircraft propulsion is driving the market.
Restraint
The high-temperature superconducting electric motor uses sustainable fuel in a superconducting electric motor. The flexible design of the superconducting electric motor and the use of superconducting technology increases the cost of the superconducting electric motor.
High initial investment requirements and costly production processes restrict small enterprises from entering the market. Existing businesses benefit from entry barriers, as they retain their market share and strength to make profits. These factors restrain the growth of the market.
Opportunity
Rising Research & Development Activities
Various market players are continuously investing in R&D to improve the efficiency, size, and weight of the superconducting motor. Manufacturers operating in the market are focusing on the design and use of high-temperature superconducting material in the development of the superconducting electric motor.
The optimization of the design and technology of high-temperature superconducting electric motors increases their efficiency by 30-50%. Thus, rising R&D of the superconducting electric motor is expected to create opportunities in the superconducting electric motor market during the forecast period.
Growing applications of superconducting motor in marine industry
Growing industrialization is boosting the demand for commercial vessels and warships in the marine industry. Commercial vessels that carry cargo consume around 300 million tons of fossil fuels. These commercial vessels use superconducting electric motor for ship propulsion
Furthermore, the superconducting electric motor is equipped with high-temperature superconducting wire, which helps to increase the efficiency of the machine and prevents the loss of energy during ship propulsion. The superconducting electric motor uses sustainable fuel, which helps in achieving carbon neutrality and reducing the depletion of fossil fuels. Benefits associated with the superconducting electric motor increase its demand in the marine sector.
Scope of Superconducting Electric Motor Market Report
The report on the global Superconducting Electric Motor Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Superconducting Electric Motor Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2015-2020
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Forecast Period
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2022–2030
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Segmentation
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Type (Disc Type and Fold-In Type), Application (Automobile, Information & Communication, Electronics, Energy and Environment, Industrial Materials, Marine, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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evico GmbH, American Superconductor, Kawasaki Heavy Industries, Ltd., TOSHIBA CORPORATION, Oswald Elektromotoren GmbH, and Siemens.
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Superconducting Electric Motor Market Segment Insights
The global Superconducting Electric Motor Market is segmented on the basis of type, application, and region.
Type Segment Analysis
In terms of Type, Superconducting Electric Motor Market is segmented into Disc Type and Fold-In Type. The Disc Type segment is expected to dominate the market in 2021, as it reduces the dimensions of devices, increases compactness, and improves the performance of a machine, as compared to conventional motors.
Application Segment Analysis
On the basis of application, the Superconducting Electric Motor market is segmented into Automobile, Information & Communication, Electronics, Energy and Environment, Industrial Materials, Marine, and Others. The electronics segment is expected to hold a substantial share of the market during the forecast, as HTS are widely used in DC applications such as slow-cycling magnets or winding of DC electrical motors.
Regional Analysis
Based on regions, the Superconducting Electric Motor Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific dominates the market in 2021.
Various industries such as automotive, marine, and aerospace within in Asia Pacific are replacing conventional motors with superconducting motors. Companies in the region are trying to strengthen their focus on superconductor-based equipment, by entering into various public and private collaborations, to leverage advancements in various industrial applications.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the global Superconducting Electric Motor Market
- Historical, Current, and Projected Market Size in terms of Value and Volume
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints, and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Superconducting Electric Motor Market
Segments
Type
Application
- Automobile
- Information & Communication
- Electronics
- Energy and Environment
- Industrial Materials
- Marine
- Others
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
Competitive Landscape
Top players in the market include Evico GmbH, American Superconductor, Kawasaki Heavy Industries, Ltd., TOSHIBA CORPORATION, Oswald Elektromotoren GmbH, and Siemens. These companies are considered key manufacturers of Superconducting Electric Motor based on their revenue, product offerings, regional presence, and supply chain management system. The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunities for Superconducting Electric Motor Market.
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